SOURCE: Developers Diversified

February 16, 2007 12:07 ET

Developers Diversified Realty Declares First Quarter 2007 Common Share Dividend

CLEVELAND, OH -- (MARKET WIRE) -- February 16, 2007 -- Developers Diversified Realty (NYSE: DDR) today declared its first quarter 2007 common share dividend of $0.66 per share, which is payable April 9, 2007 to shareholders of record at the close of business on March 23, 2007. This common share dividend reflects the recently announced increase of $0.07 per share, which is approximately 11.9% higher than the Company's first quarter 2006 dividend of $0.59 per share.

Developers Diversified owns or manages approximately 500 operating and development retail properties in 44 states, plus Puerto Rico and Brazil, comprising approximately 117 million square feet. Developers Diversified is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which develops, leases and manages shopping centers. Additional information about Developers Diversified is available on the Internet at

Developers Diversified considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant. For more details on the risk factors, please refer to the Company's Form on 10-K as of December 31, 2005.

Contact Information

  • Contact:
    William H. Schafer
    Executive Vice President and Chief Financial Officer
    Developers Diversified Realty